What’s Project Management?
According to the PMI, project management is the application of knowledge, skills, and techniques to execute projects effectively and efficiently.
Project management is a strategic competency for organizations, enabling them to tie project results to business goals and better compete in their markets. It brings a unique focus shaped by the goals, resources, and schedule of each project. The value of that focus is proven by the rapid, worldwide growth of project management.
Project management is accomplished through the processes under the five process groups: initiation, planning, execution, monitoring and controlling, and closing. Those will be discussed later in the section, “What Are the Project Management Approaches?”
Those process groups are not project phases.